Bible resources related to "American financial crisis"

If anything shows the vast wealth and power of the American financial system, even with its massive debt and other systemic problems, it is the news this week that the dollar is being used to prop up Europe's tottering financial structure at this critical moment.

The world's major central banks today moved to give "cheap, emergency U.S. dollar loans to banks in Europe and elsewhere". New U.S. dollars at low cost is what the Fed is making available.

Russian Prime Minister Vladimir Putin is in Beijing this week signing deals, meeting with leaders, and attending a meeting of the Shanghai Cooperation Organization. A big ticket item on the agenda is a deal for Russisa to supply natural gas to China.

But beyond immediate deals is the overarching matter of big power politics. Russia is desirous of aligning China with its own efforts to marginalize America in the global arena. Moscow is asserting itself agains the United States as is China. However, China is still economically tied to America. Stratfor has this comment:

I arrived late last night at my hotel room and could not sleep. Television is a poor substitute for sleep but it was the only thing available. CNBC had one of their specials about the financial crisis.

Will America recover from this present financial crisis, or could this one be different from all the others in the past?

The financial news keeps getting worse and worse. It has now spread from America to Europe, where leaders are scrambling to put together stopgap measures to keep banks afloat and their economies from collapsing into a depression. Europe is learning they do not have an effective plan to deal with a crisis of this magnitude. I am certain one of the lessons they will learn is they can no longer rely on America as the primary center of economic power.

European leaders met in Paris over the weekend to discuss the financial crisis that is sweeping across Europe. they created a multi-billion euro fund to deal with small businesses. But the most interesting statement was the need for a global financial summit to reshape the world financial system.

European leaders demanded a global summit, to be held later in the autumn, aimed at finalising a successor to the Bretton Woods formula — the system created in 1944 that defines the world’s financial relations.

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